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Agent-based macroeconomics: A baseline model
Lengnick, Matthias - In: Journal of Economic Behavior & Organization 86 (2013) C, pp. 102-120
This paper develops a baseline agent-based macroeconomic model and contrasts it with the common dynamic stochastic general equilibrium approach. Although simple, the model can reproduce a lot of the stylized facts of business cycles. The author argues that agent-based modeling is an adequate...
Persistent link: https://www.econbiz.de/10010688120
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The anatomy of emergence, with a focus upon capital formation
Harper, David A.; Endres, Anthony M. - In: Journal of Economic Behavior & Organization 82 (2012) 2, pp. 352-367
Emergence is a unifying theme of both evolutionary economics and complex systems theory. In spite of this centrality, emergence in economics has not been subject to an extensive critical analysis. This paper remedies this deficit. We identify several conditions that economic patterns (i.e....
Persistent link: https://www.econbiz.de/10011048163
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The impact of complexity and managerial diseconomies on hierarchical governance
Brahm, Francisco; Tarziján, Jorge - In: Journal of Economic Behavior & Organization 84 (2012) 2, pp. 586-599
by the number of activities integrated elsewhere in a project and by the level of “between complexity” and “within … complexity” of those activities. Our results show that managerial diseconomies of scale, which arise when contractors integrate … more activities, and the different types of complexity, affect the relative advantages of hierarchical governance. In a …
Persistent link: https://www.econbiz.de/10011048167
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Emergence and complexity in Austrian economics
Rosser, J. Barkley - In: Journal of Economic Behavior & Organization 81 (2012) 1, pp. 122-128
Emergence is often argued to be a deep property of complex systems, with such systems exhibiting wholes that are in some way greater than the sum of their parts. These ideas have played an important part in discussions of spontaneous order within Austrian economics, particularly by Hayek drawing...
Persistent link: https://www.econbiz.de/10011048176
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A transdisciplinary perspective on economic complexity. Marshall's problem revisited
Cassata, Francesco; Marchionatti, Roberto - In: Journal of Economic Behavior & Organization 80 (2011) 1, pp. 122-136
's view of complexity as a dialectical mixing of routine and variation and reconstructs the development of a powerful …
Persistent link: https://www.econbiz.de/10011048223
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Commodity cycles, a function of market complexity? Extending the cobweb experiment
Arango, Santiago; Moxnes, Erling - In: Journal of Economic Behavior & Organization 84 (2012) 1, pp. 321-334
validity to the basic design. As complexity increases, prices become autocorrelated with cyclical tendencies. Regressions and …
Persistent link: https://www.econbiz.de/10010594599
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A macro economy as an ecology of plans
Wagner, Richard E. - In: Journal of Economic Behavior & Organization 82 (2012) 2, pp. 433-444
macro as non-scalable. Macro phenomena emerge through micro interaction and are of a higher order of complexity than micro …
Persistent link: https://www.econbiz.de/10010573053
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Strategic complexity and cooperation: An experimental study
Jones, Matthew T. - In: Journal of Economic Behavior & Organization 106 (2014) C, pp. 352-366
complexity of cooperative strategies. An experimental design which allows manipulations of the complexity of these strategies by … a cooperative strategy and more likely to use a simpler selfish strategy when the complexity of cooperative strategies … action is made state-dependent, which increases the complexity of punishment-enforced cooperative strategies. A link between …
Persistent link: https://www.econbiz.de/10010930936